Pina Corporations post-closing trial balance at December 31, 2020, is shown as follows. ...

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Accounting

Pina Corporations post-closing trial balance at December 31, 2020, is shown as follows.

PINA CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020

Dr.

Cr.

Accounts payable $ 232,700
Accounts receivable $ 451,000
Accumulated depreciationbuildings 183,000
Additional paid-in capital in excess
of parcommon 1,309,000
From treasury stock 152,000
Allowance for doubtful accounts 29,000
Bonds payable 317,000
Buildings 1,411,000
Cash 195,000
Common stock ($1 par) 200,000
Dividends payable (preferred stockcash) 4,300
Inventory 519,000
Land 375,000
Preferred stock ($50 par) 450,000
Prepaid expenses 40,000
Retained earnings 271,000
Treasury stock (common at cost) 157,000
Totals $3,148,000 $3,148,000

At December 31, 2020, Pina had the following number of common and preferred shares.

Common

Preferred

Authorized 600,000 54,000
Issued 200,000 9,000
Outstanding 195,000 9,000

The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share. Prepare the stockholders equity section of Pinas balance sheet at December 31, 2020. (Enter account name only and do not provide descriptive information.)

SHOW STEPS WITH EXPLANATION AND ANSWERS. THANK YOU!

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PINA CORPORATION Stockholders' Equity $ $

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